This is a taxing time of the year
THE tax train has arrived with businesses all over Australia lodging their forms from today.
Keeping up with the never-ending changes to the tax system can be troubling, but if you keep track of all your records the stress can be limited.
Jenny Yates, from Gladstone business Just Frame It, said people needed to keep all their records.
It was always a good practice to be prepared before you spoke to your accountant.
“I get a nine-month review from my accountant and go through and try and figure out where I can be cost effective with my tax,” Ms Yates said.
“Once I see how I'm going really well, I can then put more into my superannuation which can be a deduction.
“If I'm looking to buy machinery three months out, I can get a three-month depreciation which can increase the businesses return at the end of the financial year,” she said.
Ms Yates said she used an accounting program on her computer.
“I use an accounting system because everything is up to date and when you're in small business you have to always be up to date with your accounting or you can run into big trouble,” she said.
“The benefits are finding ways you can be cost effective to reduce your tax bill at the end of the financial year.”